MARKETING STRATEGIES AS A TECHNIQUE FOR PROFIT MAXIMIZATION IN MANUFACTURING ENTERPRISE
ABSTRACT
This research examined marketing strategies as techniques for profit maximization in a manufacturing enterprise (A survey of Guinness Nigeria Plc, Benin City). Many firms do not deem it fit to develop marketing strategies for manufacturing enterprise there by resulting in many products failures in the market. In view of this, the act of undertaking this research is to examine how marketing strategies are developed and to find out the factors militating against such strategies. In carrying this study, relevant literature and company journals, were consulted the instrument used for collecting data were the questionnaires and personal interview. The questionnaires were randomly administered to staff of Guinness Nigeria Plc Benin City. Three (3) hypotheses were formulated. These hypotheses were tested, chi-square and the findings revealed that the limiting adoption of marketing strategies contribution maximally to profit maximization objective of roll factory firms.
CHAPTER ONE
INTRODUCTION
1.1BACKGROUND TO THE STUDY
Today modern business has grown to undutiful level and its interaction with environmental strategies is essential if the company is to profitability exploit the percent and future potentials of the market. Without strategies, marketing information decision and initiatives on each new development will only result in consistent action and uncontrolled expenditure leaving the organization vulnerable and equitable at the hands of strategic oriented competitors.
Many strategies involve from co-operate of business strategies, marketing strategies and other functional activities take place within the guideline of corporate strategies. This is why marketing strategies is been looked upon as at detailed operational guide for implementing the corporate strategy. This makes for better performances of the main function of the top management in cooperate administration.
Effectiveness of marketing strategies has no substitute in the cooperate strategies for profitability. Strategies are the means by which the clarity of a company’s purpose is expressed and the integration of efforts are achieve. Some organizations do not pay sufficient attention of strategies they merely case along from day to day doing what come naturally this is also bad, good management required that an organization should strategies ahead so that is not caught flat-footed when the time comes in the light of this, the study seek to expand the benefit of strategies and suggest the improve techniques for marketing strategies implementation.
1.2STATEMENT OF THE PROBLEMS
Marketing is an activity that seems to improve the profit position of an organization. The advert of competition resulting from industrial growth and production of a large variety of goods and services culminate in the needs for marketing strategies.
Marketing is a profit marketing activities which involved the cordinationm of various functions aimed at facilitating the flow of the required goods and services from the place of production to the consuming public or clients for whom they are intended. This is because production is not comple until the goods and services got to the fional consumer.
1.3OBJECTIVES OF THE STUDY
1. To ascertain if marketing strategies in control contribute to organizational profitability.
2. To determine how employees motivation affects the implementation of marketing strategies its goals and objectives.
3. To find out the problems the associated with implementing marketing strategies.
The research seeks also to open up an expensive area of study, area of marketer practices, scholars and other interested person to enable them adopte suitable techniques of profit minimization, the survey of the company and other manufacturing companies.
1.4RESEARCH HYPOTHESES
Hypothesis One
Ho: Marketing strategies and control is not an effective technique for profit maximization.
HI: Marketing strategies and control is an effective technique for profit maximization.
Hypothesis Two
Ho: Employees motivation is not a useful component of marketing strategies for achieving organizational goals.
HI: Employees motivation is a useful component of marketing strategies for achieving organizational goals.
Hypothesis Three
Ho: Marketing strategies have not served as an effective to operational guide for achieving the corporate objective of the organization.
HI: Marketing strategies have served as an effective to operational guide for achieving the corporate objective of the organization.
1.5SCOPE OF THE STUDY
This research work generalized the study of marketing strategies as it affect profit minimization of manufacturing enterprise using Guinness Nigeria Plc Benin City as a case study.
1.6SIGNIFICANCE OF THE STUDY
This research study is significant for companies in Nigeria. The study will help managers for the situation under study to know the usefulness or invaluable role played by the marketing strategies in the achievement of corporate organizational goals and objectives. The research study the significance (relevance) in terms of its feedback potential which enable the reaction of consumer to the goals or services of the company to be studied finding and utilized for the improvement of manufacturing and distribution of the study are;
It will be useful to other managers because of the economic situation in the country dictates that companies should carryout effectively their marketing strategies and control in order to make effective use of available scares resources and also to obtain the maximum output possible per given with the input. It will generate interest for future researchers in these area of study. The study is also significant to the government public companies and privatized or commercialized public outfits which have not seen making profit.
Marketing strategies, if fully implemented will help these public companies to minimize losses. It improve the public and consumer knowledge in the area of study.
1.7LIMITATION OF THE STUDY
The research encountered a lot of problem during the writing of this work. The following are some of the constraints;
i.Time Constraints: This last semester was rather unusual, the time was very short that the researcher managed to combine other academic work wioth the research work.
ii. Difficulties in obtaining relevant data and information from respiondents. Several calls were made to Guinness Nigeria Plc, Benin City brewery, most of these calls were unsuccessful and the researcher has to call back again in order to meet the key officers for their responses.
1.8OPERATIONAL DEFINITION OF TERMS
1.Marketing Strategies: A written document that spelt out the goals, plan and tactics that will be used to gain and maintain the competitive position and result the company is seeking.
2.Marketing: Is the creation and delivery of a standard of living, it involves finding want of the consumers strategies and dropping a product or services that will satisfy this want profitably.
3.Annual Strategies: These are plans for establishing specific goals and strategy for one year.
4.Strategies and Marketing Efforts: To develop marketing strategies by making specific decision regarding the product. The price, the distribution and the promotion in order to satisfy the need of the target market and ideally provide the best chance of achieving the goals and objectives of the markets. The marketing strategies are popularly known as the marketing mix.
5.Marketing Objectives: This is a statement of what is to be accomplished through marketing activities.
6.Marketing Mix: Is the set of marketing tools that the firm uses to pursue its marketing objective in the target market.
7.Product: A product is anything that can be offered to a market for attention acquisition use or consumption; it includes physical objects personality’s places, organization and ideal.
8.Marketing Channel: These can be viewed as a set of independent organization involve in the process of marketing products or services available for use or consumption.
9.Competitors: Business rival usually offering offer similar products or services.
